Chatswood serves the life and health insurance sector in New Zealand with market intelligence, data, and bespoke consulting services. Some of these are provided in conjunction with Quality Product Research Limited - a subsidiary that brings you Quotemonster.
We believe that good decisions are more likely to occur when we have good information about the market environment in which we operate. Intuitive leaps and creative decisions are always required, of course, but the more they are based on a firm foundation of observation, the better they tend to be.
Munich Re delve into AI’s impact on Healthcare
Munich Re delve into the projected impact of Artificial Intelligence (AI) on healthcare, from disease prevention to diagnosis to treatment as well as the implications for efficiency gains.
As part of Munich Re’s Life Science Report, they have investigated the projected impact of Artificial Intelligence (AI) on healthcare, from disease prevention to diagnosis to treatment as well as the implications for efficiency gains.
While the news is mostly good (improved mortality, better prevention, earlier diagnoses, individualised therapies), it does create some challenges for life and health insurers. With earlier diagnoses and the emergence of new disease classifications, critical illness insurance products will need continuous updating. Claims management and policy development will become more complex, as genetic and molecular diagnosis becomes more routine, requiring a higher level of medical expertise. Overdiagnosis (the detection of diseases that don’t impact on mortality and/or morbidity) and antiselection may become problematic.
AI will also create opportunities for insurers. Insights from accessing and analysing vast datasets including electronic health records, imaging and other biomedical sources will transform the understanding of the root causes of disease and in turn allow underwriting to become more accurate and sophisticated. Wellness interventions will be able to be better targeted and increase in scope and effectiveness.
More news:
Profile of Josh Bronkhorst, CEO of Link Financial Group
Entries for Insurance Business’ annual Top Insurance Employers close 14 March
InvestNow’s Retirement Readiness Index recorded an average confidence level of 50.4%
Kiwibank reports NPAT of $92 million for the six months ending 31 December 2024
New framework moves beyond traditional reliance on BMI as a sole indicator of obesity
The Neuroscience of Focus
Financial Advice NZ recently held a webinar The Neuroscience of Focus. Hosted by Cecilia Farrow, and with Alex Davids presenting, the webinar covered our brains and focus, continuous partial attention and cognitive energy and cognitive drain.
Financial Advice NZ recently held a webinar The Neuroscience of Focus. Hosted by Cecilia Farrow, and with Alex Davids presenting, the webinar covered our brains and focus, continuous partial attention and cognitive energy and cognitive drain. One of the depressing facts Alex points out is that in 2022, 50% of the workforce felt burnt out – but by 2024 it had raised to 61% feeling burnt out.
One of my key takeaways to overcome continuous partial attention and help focus, was switching off notifications and using the ‘out of office’ function to stop those external factors that can halt our focus in its tracks. It’s an excellent watch if you want to get a few tips on how to improve your focus, and in turn improve your performance.
Alex Davids will also be presenting at the National Adviser Conference, 1 – 3 April at the Te Pae Christchurch Convention Centre.
More news:
Steve Wright talks about how proactive life advisers are required to be
Tony Vidler recommends tightening up your value proposition
Wealthpoint welcome Affinity + Co team to Wealthpoint's network
Edge Mortgages has joined Link Advisory
Concerns reforms to the anti-money-laundering regime could risk grey-listing NZ
Deepfake scams on the rise
Research commissioned by MasterCard has found that 29% of New Zealanders and 18% of NZ businesses have been targeted by deepfake scams in the past year.
Research commissioned by MasterCard has found that 29% of New Zealanders and 18% of NZ businesses have been targeted by deepfake scams in the past year. Deepfake scams use generative artificial intelligence (AI) to impersonate individuals, with the aim of stealing their targets’ money or personal information.
Deepfakes scams can utilise video, images and audio and can look increasingly convincing. Confidence levels in the ability to correctly identify deepfakes are low, with only 12% of respondents confident they would be able to detect a deepfake scam. Deepfakes are eroding trust in public figures and digital platforms, with 41% of individuals being more sceptical towards celebrities and influencers; 61% of kiwis being less trusting of social media platforms; 40% of New Zealanders being less trusting of emails and 37% of respondents being less trusting of phone calls compared to the previous year.
Some steps businesses are taking to address these risks include employing identification verification for accessing sensitive information, offering cybersecurity training and conducting training on financial transactions.
More news:
mySolutions webinar 'How non-PHARMAC drugs are covered in our Private Medical offering' 23 October
Chubb’s Underwriting Click to Chat function is live on Adviser Hub
AIA health premiums increasing from 1 November
AIA release latest version of Underwriting Guide
Link Financial Group appoints Luke Roberts and Quentin Holmes as national growth managers
Tony Vidler talks about the importance of focusing on existing client base
Suncorp appoints new Chief Customer Officer
Suncorp New Zealand has appointed Suraiya Phillimore-Smith as its new Chief Customer Officer, where she will be responsible for brand, marketing, communications, government relations and a growing sustainability function.
Suncorp New Zealand has appointed Suraiya Phillimore-Smith as its new Chief Customer Officer, where she will be responsible for brand, marketing, communications, government relations and a growing sustainability function. Phillimore-Smith is currently the Chief Marketing Officer at Westpac New Zealand, and will move to her new role at Suncorp on March 4. Phillimore-Smith has a range of experience working with some of the world’s largest brands, having held a range of marketing, strategy, brand and communications roles at Westpac, Vodafone and Sony.
More daily news:
nib release holiday period dates for new Group Health and Group Life & Trauma quotes
Link Financial Group selected as one of NZ Adviser’s Top Mortgage Employers for 2023
AIA complete their annual pricing review to account for the latest change in the CPI
AIA webinar 'Eat Well - Webinar by Katie Hunter' 5 December
KiwiSaver hardship withdrawals double
Auckland Centre of Research holding 'Women in Finance' event on 8 December
Swiss Re write about redefining sustainability in life and health insurance
Daisy Ning, Head Life & Health Re APAC ex. China, writes about how sustainability can be applied more broadly in the insurance and reinsurance context. Swiss Re believe sustainability aligns with what they refer to as the ‘3A’s’ of life and health insurance:
accessibility (the ease of acquiring coverage), availability (whether suitable plans and products exist to cover the full range of L&H needs), and affordability (whether products and plans are priced fairly and within consumers’ means).
Ning advocates for formulating strategies that manage risk, improve adaptability and explore opportunities – regardless of market conditions; assessing trends and value delivered to clients and adjusting as necessary; and enhancing value delivered to clients by making insurance solutions more relevant.
The global protection gap in 2022 was sitting at US 406 billion in premium equivalent terms, up 1.5% since 2021. A recent Deloitte estimate has the Australian public at 60 – 80% underinsured. A Swiss Re estimate of NZ’s mortality protection gap was USD 435 billion (NZD 670 billion) or more than USD 540 000 for each household, as of 2020.
Ning suggests we need to leverage connectivity and digitalisation to make products more affordable; leverage big data and advanced analytics to uncover insights into market trends, customer behaviour and risk factors and create products that address emerging needs discovered through this process; look at digital health underwriting; and increase reach through building alliances with online platforms, aggregators, fintechs and other digital players.
More daily news:
Katrina Shanks works through pros and cons of Trusts
Industry leaders suggest how incoming government can support the industry
mySolutions launches New Adviser Academy
FintechNZ Annual Meeting 2023 3pm on 23 November
ANZ awarded New Zealand's top bank for small business by Canstar NZ
Link financial group awarded one of the Best Mortgage Companies to Work for in New Zealand